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The 700 year trend in interest rates

The most controversial aspect of the paper may be its recommendation for an attitude adjustment to counter the view in recent years that disinflationary/deflationary forces are a phenomenon that are amenable to correcting if only policy makers muster the political will and intellectual capital to grapple with the problem. Measured against the long game of history, however, such plans look like the proverbial Dutch boy sticking his finger in the dike in the hopes of holding off a rising sea.
-- James Picerno, The Capital Spectator